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This chapter discusses major economic challenges and outlines key economic considerations in the design and implementation of water allocation reforms where agriculture is a major water use. It first examines key economic issues in water allocation reform, focusing on the challenges brought by the trade-offs between efficiency, social (distributive) justice, environmental sustainability and institutional reform, and the inherent uncertainties in managing these trade-offs, which are amplified by the complex nature of social-ecological systems. Based on this analysis, the chapter outlines a series of principles towards a water allocation reform that achieves sustainable, equitable and robust economic growth, and discusses the role of economic instruments in such reform. Finally, it identifies persistent research gaps towards delivering actionable science for informed water (re)allocations. |
